Philippine auto industry posts 37 pct growth in H1

The Philippine auto industry posted a double-digit growth from January to June, owing mostly to the improvement of the global economy and positive economic outlook, the Chamber of Automotive Manufacturers of the Philippines Inc. (CAMPI) said on Friday.

A total of 82,147 units were sold in the first half of the year, up by 37.1 percent in the same period last year. For June alone, car sales went up by 8.5 percent or 15,189 units, CAMPI said.

"Previously, due to the sharp double-digit growth, supply for some models had to catch up with the increased demand. Supply of stocks has started to normalize, serving the growing demand that continues to be robust," CAMPI President Elizabeth Lee said in a statement.

The positive performance is seen to continue until the rest of the year since vehicle's sales growth is "positively correlated" to the expansion of the economy, Lee said. The Philippine economy is expected to grow by 5 percent and 6 percent this year.

The Philippines' auto industry is seen growing by 11 percent this year or 147,000 units sold.

Source: Xinhua